why entrepreneurs fail in business

WHY ENTREPRENEURS FAIL IN BUSINESS

There are 5 reasons why entrepreneurs fail or never make it to the top.

Everyone keeps saying to me it’s hard, otherwise everyone would be starting

their own successful business and making their own money

for someone.

But although the top reason that people fail in

business is because they never get started as they are

scared to risk their hard ‘earned’ money, one of the

main reasons is self doubt. Not believing in ones self,

makes us less determine

are five descriptive reasons, if you have any more to

add comment after reading through.

#1 Scared of Losing ‘Hard Earned’

Money

The top reason is one that a lot of individuals/entrepreneurs fall under, the fear

of losing hard earned money. Now

lose money, you are going to learn

go on and lose more money, until you learn and until it suddenly hits you in the

face that ‘you finally get it’, you finally

and profitable business.

Money has no worth unless spent, so whether that’s building an empire or

spending it on clothes, don’t just leave it there, life

going to take it with you, so lose the

you failed, but trust me you will

doing!

#2 People That Put You Down

I cannot help but find this stupid but it’s true. People are always going to be

against you when you are j

as successful as you aim to be, because it never happened to them. Now when




their own successful business and making their own money

But although the top reason that people fail in

business is because they never get started as they are

scared to risk their hard ‘earned’ money, one of the

main reasons is self doubt. Not believing in ones self,

makes us less determined and less ambitious. So here

are five descriptive reasons, if you have any more to

add comment after reading through.

#1 Scared of Losing ‘Hard Earned’


earned money. Now let me tell you something, you are going to

going to learn from that loss of money and you are


face that ‘you finally get it’, you finally know what it takes to run a successful


spending it on clothes, don’t just leave it there, life's too short and you are

going to take it with you, so lose the fear and at least you can say you tried an

trust me you will succeed as long as you know what you are

#2 People That Put You Down

not help but find this stupid but it’s true. People are always going to be

you are just starting out, they will never believe you can be





instead of working


t me tell you something, you are going to

from that loss of money and you are gonna


know what it takes to run a successful


's too short and you are not

fear and at least you can say you tried and

ed as long as you know what you are

not help but find this stupid but it’s true. People are always going to be

ust starting out, they will never believe you can be


someone tries to put you down, just think to yourself, why are they trying to

put me down? and the answer is because they cannot do it themselves.

Never let somebody tell you, you cannot achieve something. Soon as you start

‘making it’ being successful, those people that once doubted you are suddenly

your friends’ again. Why? because you have money now, you are successful

and they will probably try to get on your good side. I believe in forgiving, but

not forgetting.

#3 Listening Too Much To People’s Opinions!

Now I know this one may seem to be similar to the last point, but it’s not. In

this instance, what I mean is; people fail in business because they make the

wrong decision of asking people that do not have experience or a business mind

about what they think of an idea. Let’s face it, I don’t mean to be too

judgmental here, but some people are just meant to work for other people, they

have been brought up that way and they require security more than high risk =

high reward.

So to overcome this, ask people for their opinions but never doubt your own

opinion. Trust me when I say this, your end action should be as a result of what

you think, not what some stupid individual thinks, that cannot see the overall

picture in your mind. You know more than you think you do, so trust yourself

and make your own decision!

#4 Lose Hope Too Quickly

Now this is one of my biggest disadvantages that really bugs me and I need to

resolve it otherwise I am going to ultimately fail. Every individual that ends up

thinking about starting their own business, loses hope. The reason is it’s hard,

for every strong advantage of an idea, there are possibly about 3 disadvantages

and this results in us questioning whether we really have the skills and

experience necessary to make an idea of this proportion succeed in this

competitive environment.

For example if I get an idea and it’s good but also has several flaws which could

result in the idea ultimately failing, I lose hope. I don’t think to myself we will

overcome it and just run with the idea and learn on the way. So my next aim is

by September 2013 to create my idea and run with it and see what happens, of

course a calculated risk will be taken but more of not questioning my

entrepreneurship ability or questioning whether I will succeed.

#5 Not Enough Networks

Now I emphasise this because it is really important. The more people you know,

the more people that will look into your idea and direct it towards some of their

friends which may have the experience needed to support and consult the idea

to a large extent and maybe even invest so you do not have just your money

riding on this.

You have to remember that people are what move money around the world,

one service for another service. I may for example want to listen to music on

the go on my mobile, therefore that is where spottily comes in, because it is

cheaper than actually downloading every single album that I like, I just pay

Rs.100 and I can listen to any songs for 1 month. It’s supply and demand and

whoever believes in competition is not thinking very clearly for one reason. It’s

all about focusing on what you are doing and whether it will be successful, leave

competition for the other businesses to focus on and for you to later focus on.

Individuals will come to you for your brand and service. Just make something

unique and well and you will wonder why you did not start earlier.

Dr. Sekhar Basak,

Managing Director,

Innovista Consulting, New Delhi

Email: [email protected]

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